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Futures Bright at Lockheed Martin

Despite reduce spending from the Pentagon as a result of sequestration, Lockheed Martin Corporation (NYSE:LMT) the number one supplier to the Pentagon reported third quarter earnings that beat estimates. Third-quarter profits were up 16 percent! Earnings came in at $2.57 per share or $842 billion. The earnings per share beat estimates by 30 cents per share. Full-year earnings outlook was increase by 30 cents per share with revenue projected to reach $45 billion. But the company reported a 4.4 percent decline in sales for the quarter. There is no need to worry about Lockheed in the future according to the CEO, Bruce Tanner; Lockheed has backlog orders of $79 billion.